Royal Commission for AlUla, World Bank sign development pact for ‘sustainable regeneration’

Through the partnership, RCU will work closely with World Bank specialists to ensure the transformation of the historic area.

It will also identify and address areas for “sustained capacity growth and development, including heritage and tourism-focused SME operations to help diversify and spur AlUla’s transformation into a regional and global hub for international visitors, investors, and businesses,” the statement added.

In addition, both entities will create “frameworks” in line with RCU’s objectives, thus providing benefits for both an engaged and prosperous local community and a protected and thriving natural environment

“Through a framework of sustainable and long-term planning, this partnership will allow RCU to comprehensively identify and address any gaps in its integrated development approach, with the World Bank’s considerable expertise and knowledge supporting the management and growth of AlUla’s economy and its unique cultural and natural capital,” RCU’s chief county operations officer Moataz Kurdi said.

According to the statement, the World Bank agreement comes under the overall partnership with the Government of the Kingdom of Saudi Arabia (KSA) through the Saudi Ministry of Finance and adds to RCU’s thriving network of international partnerships; global entities such as UNESCO and the International Union for Conservation of Nature (IUCN) are already heavily involved in AlUla’s development as part of RCU’s masterplan and KSA’s Vision 2030.

“The Saudi tourism sector has significant potential to drive sustainable growth, economic diversification, and job creation for KSA. As such, the Royal Commission for AlUla and the World Bank’s partnership comes at a strategic time to support this agenda,” World Bank’s country director of the GCC Issam Abousleiman said.